Although Nigerians in diaspora have always been able to access banking services in Nigeria through digital platforms, the recent introduction of the Switch banking app by Sterling Bank is bound to be a game-changer in the mobile banking space.
This is because Switch, a multi-service banking app, leverages technology to address some inadequacies of cross-border transactions and online money transfer such as Dollar to Naira or other convertible currencies on the front burner.
Regardless of exchange rate volatility, subscribers to Switch will enjoy unlimited and seamless access to transfer money from abroad like regular wire transfers.
Coming on board when the Central Bank of Nigeria (CBN) unveiled a new policy that ensures unhindered remittances for Nigerians in diaspora, Switch has berthed as a product of corporate foresight and a veritable source of foreign exchange earnings for Nigerians.
…Mobile Apps have Come to Stay
The advent of Switch into the mobile banking space in Nigeria has raised the bar of competition in a territory where MoneyGram, Western Union, PayPal, WorldRemit and RiaMoney have held sway over the years.
The app’s user-friendly features have endeared it to Nigerians in diaspora and relegated the competition in every aspect of money transfer from abroad. Essentially, the app is uniquely designed for diverse financial products such as insurance, treasury bills, fixed income securities, payment requests, investments and asset financing, among others.
The money transfer app, which has gained frontline status in its short period of existence, stands out from the competition and serves as a hub for sending money to Nigeria from the United States, United Kingdom and Canada. The easy to use app provides an opportunity for issue resolution using e-mail and social media accounts.
… Coming on Board of Switch
In order to register on Switch, a client is expected to provide aname and contact information while the registration ends with funding of the account. This enables the client to deploy the savings account to transfer money into other Switch users for free and transfers to non-Sterling bank account with fees of N25 or less.
The Switch app can be downloaded from either the Google Play Store or App Store. Subscribers can effortlessly register on the web by a click on the web too. Proving attractive to Nigerians of 18 years and above, its simplicity is fast boosting subscribers’ confidence. Clients will pay zero fee for transfers in the first six months.
…Switch Hedges Subscribers against Fraud
The world of mobile apps is like a game of whack-a-mole. As one fraud is being tackled, fraudsters rear their heads elsewhere with new tactics. Criminals have always exploited the mobile space with fake mobile apps.
However, the ongoing uptick in registration for Sterling Switch is not unconnected with the mobile app’s fraud-protection strategy that runs on advanced machines, specially designed to thwart fraud at both the install and in-app levels. This effectively hedges subscribers of Switch against cyber attacks.
…Switch by Sterling, a win-win
Switch is indeed a game-changer. The much sought-after solution provides better value to customers, builds a stronger brand, unlocks power of better connection for customers and makes account opening easy.
Prospective customers need not download many apps in order to invest in different asset classes. Switch provides opportunities for subscribers to build wealth through investment in various asset classes. It boosts profitability for the custodian.
Subscribers can transfer above N50,000 to other Nigerian banks. In order to enhance its services along the value chain, the solution operates on extended partnership network with PIP iT in the UK, i-invest and Doubble.Ng, among other institutions.
As a top brand, Switch by Sterling identifies its target demography, encourages user engagement, ensures compliance with platform design guidelines, uses frictionless navigating features and is highly responsive.
Switch stands out as the cheapest means for Nigerians in diaspora to transfer money online without risks associated with cross-border transactions. The financial mobile app is fast becoming the benchmark for other mobile apps in the Nigerian banking space.